Think Deeply In Necessity And Prospect That Our Country Launches The Stock Index Futures

1.selected title background and significance.Since the first futures exchange set up in Britain in 1570, the varietiesof futures in the world went through the process from agricultural productfutures to industrial production futures and to financial futures.In ourcountry , as the trail and supplement of market economy, the dealing infutures began in the early 1990s. Since it set up, the forward market wasrevolved in the constant argument all the time. In the dispute, the forwardmarket has gone through several stages including starting, growingvigorously and rectifying. Nowadays, the disputes that whether the forwardmarket should exists or not is gradually replaced by the disputes about thedeveloping direction of the forward market in the future. Meanwhile,considering the development orbit of foreign countries futures varieties andthe question appeared in the domestic securities, some scholars proposeslaunching the stock index futures , which can not only solve the awkwardsituation that the security market faced , but also solve the developingdirection of the forward market ,and it can also complies with thedeveloping direction of the world forward market . Some scholars thinkthat no matter from the futures market supervision experience or from thesecurity market's own perfection degree, it is unsuitable to launch stockindex futures at once . In the author's opinion , the forward market ofvarious countries has developed futures development which has beenalready given to us and made the example, the forward market of ourcountry will takes the same development path finally, so instead ofdiscussing whether the opportunity of launching stock index futures is ripe,we should put our eyes on how to settle the factor hindering thedevelopment of stock index that futures launch from, and analysing the riskthat may appears with launching the stock index futures, and find out themethod of dissolving the risk. Because of this, the author adopts the method combining the thoeryand practice, and on the basis of reading a large amount of consultsdocuments and materials, contacting the development history of forwardmarket and current situation of China's securities market, the authoranalyses securities necessities that futures launch of pertinence launch andrisks after the stock index futures' development , and has done theelementary discussion about how to dissolve the risk. 2.This thesis consists of chapters: Chapter 1. summarization of future Introducing the definition offuture. Stating the developing history of future in the Europe,Japan andthe USA simply. Summing up the development and characteristic of thefutures in China. Trying to explain what is "future"and how futuresbusiness does from a history angle. By subdividing the futuresdeveloping stage of China, introducing the different ways of Chinesefutures from the foreign futures development. Presenting the currentsituation of the forward market of the present stage in China, and thefutures background of the stock index futures listing. Chapter 2. characteristic of futureIntroducing what is "the stock index future "concretely by reviewing thedeveloping history of stock index future. Trying to explain the essence ofstock index future business. Reviewing the trial about financial future inthe whole development of China future . Drawing the experiences andlessons from it Chapter 3. the necessary functions of future in the middle period ofthe market economyExplaining the function of future and stock index future. Introducing the...